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The Fierce Battle between Mobile Payment and Traditional Banking

2018-10-30 13:50 Tuesday


Sustained penetration of the internet and smartphones across society has transformed China into the largest mobile payment market in the world. The value of mobile payments in China payment amount has exceeded 200 trillion RMB in 2017, marking a fifth consecutive year of rapid growth.

China's top four state-owned banks have faced unprecedented challenges from mobile-payment platforms, such as WeChat pay, Alipay, and Apple Pay, and have laid off a total of 32,000 personnel in the first half of 2018.

 traditional banks

Brick-and-mortar banks have adjusted their services by promoting mobile payment apps of their own, which have achieved enormous market penetration in China, and are increasingly available overseas as well.

Furthermore, the leading banks in China have made strides towards digitalization. Bank of China has utilized cloud computing, big data and artificial intelligence to improve the user experience. Industrial and Commercial Bank of China (ICBC) is constructing an eCos operating system, in an attempt to increase customer loyalty through the application of cutting-edge technologies such as cloud computing, big data, artificial intellectual, blockchain and the internet of things. Both China Construction Bank and Agricultural Bank of China have made improvements to their mobile apps, by enhancing user safety through big data and promoting a smart assistance function.

mobile payments

Chinese mobile payment providers have opted to collaborate with local foreign enterprises, as they attempt to expand overseas. Ant Financial Services Group announced a partnership with bKash, the largest mobile payment platform in Bangladesh in April 2018, as well as with Malaysian platform Touch N Go. The Touch N Go agreement will make Malaysia just the second country that will allow metro riders to purchase tickets through QR scanning.

To date, Ant Financial's platform Alipay has established partnerships in nine countries, primarily in Southeast Asia, including India, Pakistan, Bangladesh, Thailand, the Philippines, Indonesia and Malaysia.

Similarly, Alipay's leading competitor in China Wechat Pay has also made its mark overseas. Wechat Pay is now available at over 130,000 merchants in thirteen countries, and is capable of conducting transactions in over ten foreign currencies.

How then should conventional banks prepare to compete with mobile payment platforms? What are the top concerns for mobile payment providers in overseas markets, and how can they safeguard user safety and combat fraud? What are the latest and most promising innovations in the payment industry?

Payment Asia Summit

Many of the answers to these pressing questions will be found at the Payment Asia Summit 2019, taking place on January 10-11, 2019 in Singapore

The summit will gather policymakers, analysts, and industry leaders to discuss regulatory conditions, R&D innovation, payment supply chains, and marketing and business development strategies for payment in the Asia-Pacific region. It will provide a platform for attendees to share firsthand experiences and high-level knowledge, as well as network with leading professionals from around the world.

Previous Speakers

<img src="http://113.10.190.206:8888/ueditor/php/upload/image/20181030/1540880045130756.jpg"  alt="/>

Speakers

Some Previous Attendees

Attendees

Register now, engage with global leaders in the mobile payment field

10% discount for 3 or more attendees

For further information, please contact:

Ms. Cindy CUI

Tel.: + 86 21 5258 8005 Ext. 8253

Email: cindy.cui@duxes.cn

http://www.duxes-finance.com/payment/login-cn.aspx

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